State Street (NYSE:STT) Price Target Raised to $118.00

State Street (NYSE:STT - Free Report) had its price target lifted by Wells Fargo & Company from $108.00 to $118.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the asset manager's stock.

A number of other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods raised shares of State Street from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley raised shares of State Street from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $102.00 to $139.00 in a research note on Monday, December 9th. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, December 27th. Deutsche Bank Aktiengesellschaft upped their price target on State Street from $90.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. raised State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target for the company in a report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, State Street has an average rating of "Hold" and an average target price of $99.07.

State Street Price Performance

State Street stock traded down $0.20 during trading on Thursday, reaching $97.95. The company had a trading volume of 1,509,542 shares, compared to its average volume of 2,208,594. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The firm's 50-day simple moving average is $96.84 and its 200 day simple moving average is $87.64. The firm has a market capitalization of $28.71 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. State Street has a 1-year low of $70.20 and a 1-year high of $101.91.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company's quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.93 earnings per share. As a group, equities research analysts anticipate that State Street will post 8.42 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a $0.76 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.10%. State Street's dividend payout ratio is currently 48.03%.

Insider Activity at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares of the company's stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Plansky sold 13,859 shares of the company's stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,460 shares of company stock worth $2,499,860. Insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of State Street by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager's stock valued at $632,111,000 after buying an additional 41,442 shares during the period. FMR LLC grew its holdings in State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock worth $540,796,000 after acquiring an additional 833,679 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. LSV Asset Management raised its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager's stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Finally, Metropolis Capital Ltd increased its holdings in State Street by 3.9% in the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager's stock valued at $379,209,000 after buying an additional 161,466 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.